Franchise Opportunity

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CEOWORLD - 3 Ways to Make More Through Franchising

By Ryan Farris

Without a doubt, the franchise industry offers a great opportunity to earn a living. According to the International Franchise Association (IFA), it was projected that the industry would be responsible for 3% of the nation’s overall economy in 2022 tallying $501 billion. Franchises also make a major contribution to employment opportunities. In the same report by the IFA, it was projected that franchises were responsible for employing roughly 8,449,162 people in 2022. 

For individuals who own a franchise, there are likely two main reasons they decided to invest in one:  to be their own boss and to generate wealth for themselves and their families. Thanks to resources provided by franchisors, it is easier to accomplish both of those goals with hard work and determination. The franchisor provides you with resources, branding, and leadership that has proven successful, but it’s up to the individual franchise owner to maximize the resources and build their local business.

When considering the return on investment for a franchise, some things to consider to help you maximize the franchise model: Focus on customer service, embracing technology and building a strong relationship with the franchisor.

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